We live in an environment where our population is ageing. However, with many Australians remaining fit and healthy in later life, some may regard aged care as something that is still a long way off and can be dealt with a ‘bit further down the track’ or as something I will not need to worry about and I can continue to live in the family home for many years to come.
However, the other side of the coin is the un-anticipated; the unexpected loss of capacity, either physical or cognitive or a financial loss that dramatically affects our lifestyle and as with many life decisions, it is best to have a plan in place or at least to know more ‘just in case’.
When this crossed my mind as it does from time to time, I turned to Danni Dixon, Technical Development Manager at Aged Care Steps, an organisation that works in the aged care sector with advisers to help clients navigate pathways through aged care. Danni is an adviser herself and I asked her for some general pointers that may prove helpful.
I started by asking for her top 5 questions one should ask of themselves, partner, friend or family member. Here’s what she said.
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Disclaimer: The information contained in this document is provided for educational purposes only, is general in nature and is prepared without taking into account particular objective, financial circumstances, legal and tax issues and needs. The information provided in this article is not a substitute for legal, tax and financial product advice. Before making any decision based on this information, you should assess its relevance to your individual circumstances. While SMSF Association believes that the information provided in this article is accurate, no warranty is given as to its accuracy and persons who rely on this information do so at their own risk. The information provided in this bulletin is not considered financial product advice for the purposes of the Corporations Act 2001.
Ian Irvine - Guest Contributor
Ian has been a keen investor for over 40 years and can draw on his experiences from both investing on his own behalf and also having worked in financial services for more than 30 years. Over this time, he has seen many changes that impact investors’ attitudes to in what and how they invest.
He started his career in what is now referred to as fast moving consumer goods (FMCG) or grocery, working for an Australian margarine manufacturer. In 1986, he was recruited to Westpac around the time of deregulation of the sector, where he spent 10 years before taking a role at AMP and then with ASX for 14 years up to the end of 2017. He continues to be involved with ASX; working on their educational programs.
In 1996, he and his wife established their own SMSF and again the experience and lessons learned regarding managing an SMSF over the years have provided him with many insights and ideas. He enjoys sharing these with others where these are helpful and always suggest that if an investor or SMSF trustee is unsure, that they should seek appropriate advice from a licenced professional.
Ian holds a B. Com (UNSW), and lives in Sydney and enjoys travelling to and meeting investors and SMSF trustee at the educational events with which he has involvement with from time to time.